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Massive amount of student loan debt may be cause of low rate of home ownership for young people

There was an interesting article by Mary Umburger  in the Chicago Tribune  on December 30 about the massive student loan debt and the problems it is currently causing, and may cause in the future.  The article quotes the website FinAid.org, who says that the total student loan debt is growing at $2,800 per second. Thats right, per second. The article points out that student loan debt is causing young people to put off buying their first home. Mary writes  “The homeownership rate for people 25 to 29 is at its lowest level since 1999, and for 30- to 34-year-olds it’s the lowest rate in 17 years”.   She also states that  6 million  25-35 year olds are living with their parents. 

 

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